Made in America, per the FTC, means the end product is made completely, or virtually completely, in the US but says nothing as to where raw materials are from. I'm not sure on sub-components. Some things are impossible to source in the US. Cotton is easy to source here, because cotton grows well here. I think we're the third largest producer of cotton, but that could be dated information. Rubber is virtually impossible to source here because rubber trees don't grow well in North America. The entire world is dependent on the regions that it does grow, Central/South America and some parts of Asia. I don't recall which book, but one of those "shit could go real bad if this one thing starts the dominos" I read discussed how vulnerable the world rubber supply is due to how picky the trees are and a blight on those trees would be a disaster, yet science hasn't come up with a really good synthetic substitute.
The idea of trade is both sides benefit. Trader A has a competitive advantage in, say, fishing. Trader B has a competitive advantage in, say, copper mining. Trading fish for copper makes both richer then both trying to produce fish and copper on there own. That's historically worked pretty well when 'things' were what was exchanged. Now that labor and energy are so easy to trade and sell, it becomes much more problematic in determining if both sides are winning, I think. I say that to say this: I try to buy American when I can, but I don't make it a religion. Except, perhaps oddly, vehicles and that's just an emotional hang-up on my end. I fear a haunting by my grandfather's ghost, I suppose, or the 1980's/90's Japanese trade deficit hysteria.